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From: Tom Harding <tomh@thinlink.com>
Message-ID: <55F08E26.9000200@thinlink.com>
Date: Wed, 9 Sep 2015 12:53:10 -0700
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Subject: Re: [bitcoin-dev] Adjusted difficulty depending on relative
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Well let's see.  All else being equal, if everybody uses difficulty to 
buy big blocks during retarget interval 0, blocks and therefore money 
issuance is slower during that interval.  Then, the retargeting causes 
it to be faster during interval 1.  Subsidy got shifted from the 
calendar period corresponding to interval 0, to interval 1.

If you change the reward, you can lower the time-frame of the effect to 
the order of a single block interval, but there is still an effect.

These schemes do not avoid the need for a hard cap, and there are new 
rules for the size of the allowed adjustment, in addition to the main 
rule relating difficulty to block size.  So it seems they generally have 
more complexity than the other blocksize schemes being considered.


On 9/9/2015 11:59 AM, Warren Togami Jr. via bitcoin-dev wrote:
> Does it really change the schedule when the next difficulty retarget 
> readjusts to an average of 10 minutes again?
>
> On Tue, Sep 8, 2015 at 8:27 PM, Tom Harding via bitcoin-dev 
> <bitcoin-dev@lists.linuxfoundation.org 
> <mailto:bitcoin-dev@lists.linuxfoundation.org>> wrote:
>
>
>     There is another concern regarding "flexcap" that was not discussed.
>
>     A change to difficulty in response to anything BUT observed block
>     production rate unavoidably changes the money supply schedule, unless
>     you also change the reward, and in that case you've still changed the
>     timing even if not the average rate.
>
>
>
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev@lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev


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    <br>
    Well let's see.  All else being equal, if everybody uses difficulty
    to buy big blocks during retarget interval 0, blocks and therefore
    money issuance is slower during that interval.  Then, the
    retargeting causes it to be faster during interval 1.  Subsidy got
    shifted from the calendar period corresponding to interval 0, to
    interval 1.<br>
    <br>
    If you change the reward, you can lower the time-frame of the effect
    to the order of a single block interval, but there is still an
    effect.<br>
    <br>
    These schemes do not avoid the need for a hard cap, and there are
    new rules for the size of the allowed adjustment, in addition to the
    main rule relating difficulty to block size.  So it seems they
    generally have more complexity than the other blocksize schemes
    being considered.<br>
    <br>
    <br>
    <div class="moz-cite-prefix">On 9/9/2015 11:59 AM, Warren Togami Jr.
      via bitcoin-dev wrote:<br>
    </div>
    <blockquote
cite="mid:CAEz79PrV0OOZ+V-YLP4bTyfaHhbMqrP6TAyu-Lt27_guA+wMzg@mail.gmail.com"
      type="cite">
      <div dir="ltr">Does it really change the schedule when the next
        difficulty retarget readjusts to an average of 10 minutes
        again? <br>
        <div class="gmail_extra"><br>
          <div class="gmail_quote">On Tue, Sep 8, 2015 at 8:27 PM, Tom
            Harding via bitcoin-dev <span dir="ltr">&lt;<a
                moz-do-not-send="true"
                href="mailto:bitcoin-dev@lists.linuxfoundation.org"
                target="_blank"><a class="moz-txt-link-abbreviated" href="mailto:bitcoin-dev@lists.linuxfoundation.org">bitcoin-dev@lists.linuxfoundation.org</a></a>&gt;</span>
            wrote:<br>
            <blockquote class="gmail_quote" style="margin:0 0 0
              .8ex;border-left:1px #ccc solid;padding-left:1ex"><br>
              There is another concern regarding "flexcap" that was not
              discussed.<br>
              <br>
              A change to difficulty in response to anything BUT
              observed block<br>
              production rate unavoidably changes the money supply
              schedule, unless<br>
              you also change the reward, and in that case you've still
              changed the<br>
              timing even if not the average rate.<br>
              <div class="HOEnZb">
                <div class="h5"><br>
                </div>
              </div>
            </blockquote>
          </div>
        </div>
      </div>
      <br>
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      <br>
      <pre wrap="">_______________________________________________
bitcoin-dev mailing list
<a class="moz-txt-link-abbreviated" href="mailto:bitcoin-dev@lists.linuxfoundation.org">bitcoin-dev@lists.linuxfoundation.org</a>
<a class="moz-txt-link-freetext" href="https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev">https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev</a>
</pre>
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